It’s not Germany, the strongman of Western Europe. The land that’s so much more than the serene beauty of the Bavarian forests, the Autobahns and the legend of Michael Schumacher; but a country that’s home to blazing start ups in urban mobility such as eRockit.
But then it’s not Switzerland either, where discussions don’t always start or end with the perfectly-prepared Rosti, a land whose natural beauty can fail any adjective found either in Shashi Tharoor’s verbiage or in the Oxford dictionary! The country in Europe with the highest apartment prices is not even Emmanuel Macron-led France, also home to a much-widely visited touristic destination besides the Louvres: Jim Morrison’s grave!
But you need a guess?
It’s the country which isn’t the biggest fan of Germany, and one from where Lewis Hamilton’s team principal and Mozart hail from. Not that you need to necessarily mutter the words, “I’ll be back,” when reminded of this great country that’s now made scintillating news for the highest-priced apartments in all of Europe.
The country that made news, just a few months ago, for moving progressively toward solar power adoption in much of its urban cluster is now a key headlining material in all of Europe
So how is that?
At current prices, an apartment in Austria that’s actually no more than 70 square metre is priced at €4,457. The price of one Euro, for those interested in knowing its equivalent INR value is Rs 86.
You do the math and you realise that, safely speaking, the cost of 1 small-sized apartment is not less than approximately 2.86 or 2.90 crore.
But let’s dispense with variables such as expensive or not, what’s important to note is that when compared to the said value of this apartment (size: vis-a-vis cost), there has been an increase of 5.84 per cent where Austria’s flat value is concerned.
By that logic, say for instance, if someone purchased an apartment in Austria, one of Europe’s understated countries in 2020, even though its size being no more than 70 (per) square meter, today, that investment has paid off!
That’s where it stands at the moment.
Here’s what The Local’s Austrian outlet (one of the most widely-read publications in the continent) had to say with regards to this story:
Gabriele Etzl, real estate expert and partner at Jank Weiler Operenyi / Deloitte Legal, said: “Despite the year of the Corona crisis, housing prices in Austria continue to rise.
“The rising construction costs and the high attractiveness of real estate as an investment form are the main reasons for this price development.
This means a 70 square meter apartment costs an average of 10.6 times the national annual salary with the increase in prices being driven by ongoing high demand from private buyers and investors.
That being said, what should motivate or encourage buyers in the Sebastian Kurz-led nation is that the trends- of property appreciation- suggest that things aren’t going to change anytime soon, and that it’ll remain that way for the next years.
Probably not a bad time to invest in property in the land of Sound and Music and go Waltzing straight away, right?
Well, Realty bytes nicely too, isn’ it?